It’s crunch time on Capitol Hill. U.S. President Joe Biden will meet with congressional leaders including House Speaker Kevin McCarthy on Tuesday to attempt to make progress on talks to raise the debt ceiling. The few areas of possible agreement cover sensitive political topics including oil permitting and food stamps. Yet a compromise on those barely puts a dent in the government’s budget shortfall. Rather than debate the merits of spending in a productive manner, U.S. politicians favor pet projects at the expense of insolvency.
The president even hinted on Sunday that he is open to hear proposals on work requirements for aid programs, though walked that back in a Monday tweet. The stipulations in Republicans’ proposal, which affect Americans on Medicare and food stamps, would raise another $120 billion. Yet even if all those savings are enacted, it would shave just 2% off the $20 trillion deficit projected over the next 10 years.
Treasury Secretary Janet Yellen reiterated a warning on May 15 that the country is still on track to run out of cash as early as June 1. Failure to raise the debt ceiling could leave the government unable to pay its bills and trigger a historic sovereign default.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Life and Debt: Unpacking the federal debt ceilingThe federal debt ceiling has been in place for more than a hundred years, but it’s been the subject of conflicts between congressional leaders and the White House. Episode one of Bloomberg: Life and Debt with mkmcollins and NPR's WAMU 1A is here
Read more »
Biden expects to meet lawmakers Tuesday for debt talks, says he is optimisticU.S. President Joe Biden said on Sunday he expects to meet with congressional leaders on Tuesday for talks on a plan to raise the nation's debt limit and avoid a catastrophic default.
Read more »
Gold Price Forecast: XAU/USD shows volatility contraction around $2,010.00 ahead of US debt ceiling talksGold price (XAU/USD) is showing signs of contraction in volatility after a broader recovery to near $2,010.00 in the early Tokyo session. The precious
Read more »
Debt-ceiling talks between Biden, congressional leaders likely to resume TuesdayThe second round of debt-ceiling talks between the White House and congressional leaders is tentatively set for Tuesday, President Joe Biden said Sunday.
Read more »
Biden, congressional leaders likely to meet Tuesday for talks on raising the debt limitPresident Joe Biden says he and congressional leaders will likely resume talks on Tuesday at the White House over the debt limit as the nation continues to edge closer to its legal borrowing authority with no agreement in sight.
Read more »
Biden likely to resume debt limit talks on TuesdayThe nation continues to edge closer to its legal borrowing authority with no agreement in sight. The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1.
Read more »